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The development strategy proposed by China through the fifth plenary session of the 19th CPC Central Committee, which ended on the 29th, appears to have focused on making the most powerful country in the world based on an independent economy.
With 198 members of the Central Committee of the Communist Party and 166 candidates present, this quintessential meeting took place before the US presidential election and received more attention.
In the midst of a general conflict with the United States, the perception of the crisis on the part of the leaders was manifested in the results of the fivefold war.
China noted that “the power generation environment faces serious and complex changes” in the fifth session. He also emphasized that there are opportunities and challenges in the new changes.
He also diagnosed that “the world is suffering a cataclysm in 100 years”, and pointed out that “the international environment has become increasingly complex and instability and uncertainty have become evident.”
China indeed faced a harsh external environment. The trade war with the US is turning into a new Cold War, and the spread of a new coronavirus infection (Corona 19) around the world has caused the existing strategy of dependence on exports to reach its limits. .
Due to deteriorating external conditions, the company was forced to devise a new growth strategy.
The only option was considered to independently develop core technologies and foster high-tech industries against the US, which is trying to block China, such as blocking Huawei’s participation in 5G networks and cutting off the supply of semiconductors.
Although the US presidential elections are nearing completion, the analysis prevails that the war for supremacy between the US and China is inevitable regardless of the outcome.
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With this in mind, the fivefold battle featured ‘technological independence’ as a key strategy as expected.
China has adopted “scientific and technological independence and self-reliance as a national development strategy, and adopts a strategy to promote the country through science and education in the world technological front and economic battlefield, a strategy for a strong and talented country, a strategy to drive innovation and complement the innovation system, will accelerate construction. “
In addition, he said it will strengthen national strategic science and technology capabilities, enhance corporate technology innovation capabilities, and dramatically improve the science and technology system through talent innovation.
Although no specific countermeasures were taken at this meeting, China is expected to increase its R&D investment more aggressively in the future.
Experts in China are expected to focus on the development of proprietary technologies in various fields such as semiconductors, new materials, quantum computers, and new energy vehicles during or after the fourteenth five-year economic plan (2021-2025).
China has also set a long-term economic target until 2035, which is a timeframe that President Xi Jinping (習近平) has proposed to basically realize “socialist modernization.”
This means that per capita gross domestic product (GDP) will reach the level of middle-income countries and the middle class will clearly expand. It is accepted that China, a large population of 1.4 billion, will surpass the United States in GDP and become the largest economy in the world.
This can be interpreted as a suggestion of a vision for the people to become a “mighty country” and showing a long-term war for supremacy with the United States.
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By 2035, the gap between urban and rural development and the gap between the living standards of residents will also shrink significantly.
This is linked to the strategy of expanding the consumption power of rural areas and using the domestic market as a new engine of development.
China emphasized at this meeting that the “continuous expansion of domestic demand” is the starting point of its strategy.
He also said it will establish a domestic demand system and expand domestic demand, while organically combining with deepening structural reform on the supply side and inducing new demand through qualitative supply.
China has adopted a bicyclical strategy focused on promoting consumption. This is the concept of developing the national economy (large national circulation) as much as possible while maintaining a close connection with the global economy (international circulation).
Chinese media also predicted that China could become the world’s largest consumer market by overtaking the United States, which was hit by the new coronavirus infection (Corona 19) this year.
Furthermore, from a political perspective, strengthening Xi Jinping’s regime is a way for the Chinese leadership to respond to the emergency.
China further emphasized Xi Jinping’s idea by presenting new “four fronts” in the fivefold war.
It includes building a comprehensive modernized socialist state, deepening reforms, rule by law, and strict party management. The current ‘Xiaokang’ (a basic comfort and prosperous life for all citizens) was eliminated, and the ‘modernized socialist state-building’ was re-entered.
In addition, he urged the unity of the Chinese, led by President Xi, to show again that the Xi Jinping regime is strong despite internal and external challenges.
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